Cover art for podcast NZ Guide To Financial Freedom

NZ Guide To Financial Freedom

302 EpisodesProduced by Ryan J Melton & Greg MoyleWebsite

Everything you need to know about business, money, and life. https://ryanjmelton.co.nz/

13:32

Quick Fire Finance - My Term Deposit Rate Sucks, What Can I Do Greg Moyle?

 Quick Fire Finance of the day:


"I am 68, semi-retired with an income of $40,000 from part-time work plus my NZ Super and $500 per week from an apartment I own mortgage-free.

I have $250,000 in term deposits and would like to use this to bring in some sort of income for when my part-time job ends. Clearly term deposits are not going to do that for me.

My options seem to be:

· Invest the money in some sort of fund that will give me a reasonable return to add to my pension and rent income.

· As I have a mortgage-free home in a popular beach village, I could spend $200,000-plus (architect and builder’s estimate) and add a self-contained studio underneath my house, which I know I can rent out on Airbnb or similar.

That would potentially give me a capital gain over the next few years, as well as providing (at worst case scenario) about $1000 a month income.

I have been looking at property to purchase, but anything I bought would require a mortgage, which clearly I can’t really service and negates the fact that actually I need something to bring in some extra cash."


Also, if you're wanting your question answered on the podcast email me at ryan@oneplan.co.nz, send a voice message below or capitalise on our free online tools and advice:

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